n THE TRADE HO T 100 n www.thetradenews.com 33
n THE TRADE HOT 100
Paul Squires always wanted to be involved in markets, originally as a fund manager or analyst.
He got a taste for it during a gap year at SG Warburg and found himself
back there after university.
A former colleague had become a dealer on the dealing desk at
Warburg-owned Mercury Asset Management, trading Japanese equities
for fund managers and told Squires of a vacancy on the desk. Shortly after
Squires became a trainee UK equity dealer.
Mercury (Asset Management) was a great place to be an apprentice,
says Squires, as it had massive penetration of pension fund mandates,
with around a third or so of the FTSE 100 companies covered at the time.
He later moved to Sun Life (Investment Management), which was
acquired by Axa at the same time as a number of other deals. During this
time he started trading European equities until 2001 when non-European
equity trading was delegated to newly-acquired Rosenburg, so he cooked
up a cunning plan.
He and two of his other traders – left with spare capacity – pitched an
idea to the head of fixed income about trading for his team of portfolio
managers – an offer which was too good to refuse. There was only one
catch – not one of them knew anything about fixed income (one had cov-
ered FX and money markets, the other Asian equities) but they were happy
to learn and the fixed income team were happy to help.
Squires became head of trading in 2005, with the primary objective
to integrate trading for all the fixed income teams, and in that 10-year
period, developed STP, benchmarking of execution across all asset classes,
brought US fixed income traders into the global team structure, and most
recently set-up an Asian trading – now multi asset – team.
In recent months, he was given a new role and runs the trading and
securities financing department. n
Global head of trading and
AXA Investment Managers
University of Reading
2:1, Business Economics
1989 – 1992